Natural Gas Futures
natural gas Futures have had a nice bounce over the past couple weeks. they also had one of their best days in a very long time last Friday. you can see in the first chart directly below this beautiful Elliott wave pattern following a well-defined up trending support. this is almost a perfect textbook Elliott wave formation which shows that this rally is very strong and it could very well continue. but Elliott waves do not last forever.
also note that the price action in natural gas futures is almost perfectly adhering to the Fibonacci levels I have mapped out by the green horizontal support and resistance levels. when the price bouncing and rejecting these levels so perfectly you must assume that it will continue to do so in the future. this gives you easy trading opportunities and levels to watch.
also note that the price action in natural gas futures is almost perfectly adhering to the Fibonacci levels I have mapped out by the green horizontal support and resistance levels. when the price bouncing and rejecting these levels so perfectly you must assume that it will continue to do so in the future. this gives you easy trading opportunities and levels to watch.
in the chart directly below you can see we have had a nine-day rally off of the local bottoms after the dip in natural gas Futures prices. you can see how the bounce happened off that strong Fibonacci level. natural gas Futures could possibly make a double top up at those previous all-time highs. but there are a few resistance levels on the way up that we must watch for. they are highlighted by the Orange lines. I will find it difficult for natural gas to reach those previous all-time highs but commodities have been acting insane over the past year so anything is possible. I should mention that many organizations are calling for less demand and natural gas as well as other commodities in the future. those statements could change but as of now they're calling for less growth and less demand for commodities in the future.
here is a very close up picture of the four hour candles directly below. I've mapped out some trending supports and resistance levels you can watch if you are a short-term trader like me. you could possibly play the bounces or breakdowns off of the local support level that I've highlighted by the purple line.
Futures contract dated farther out than next month are showing bullishness for future natural gas prices. these numbers are sensitive and can change in a heartbeat. but as of now they look quite bullish. this is typically how contract prices would look when it commodity like natural gas is rallying. it would be even more bullish if we had one of the farther dated contracts price hiking up unnaturally and much more than the nearer term contracts.
basically natural gas is appearing short-term bullish after that large dip recently. I mean I don't follow that guy Buffett or care what he's buying but if he's buying it then I know a lot of other investors will pour in. he is actually buying Occidental petroleum which is mainly a natural gas company. just keep an eye on those resistance levels if you're bullish.
you can check out the tradeable technical levels on Tesla in the link below. you can find some more links as well to more popular tickers
you can check out the tradeable technical levels on Tesla in the link below. you can find some more links as well to more popular tickers
$SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $SPDR Dow Jones Industrial Average Trust (DIA.US)$ $Occidental Petroleum (OXY.US)$ $Hang Seng Index (800000.HK)$ $SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $FTSE Singapore Straits Time Index (.STI.SG)$ $S&P/ASX 200 (.XJO.AU)$ $Powershares Exchange Traded Fd Tst Db Us Dollar Index Bullish Fund Etf (UUP.US)$ $Gold Futures(DEC4) (GCmain.US)$ $SPDR Gold ETF (GLD.US)$ $iShares Silver Trust (SLV.US)$ $Philadelphia Gold and Silver Index (.XAU.US)$ $VIX Index Futures(DEC4) (VXmain.US)$ $iShares 20+ Year Treasury Bond ETF (TLT.US)$ $Bitcoin (BTC.CC)$
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SpyderCall OP : @easygoing Dinosaur_9
I was meaning to send this chart to you earlier. but here are some levels to watch on natural gas futures
easygoing Dinosaur_9 SpyderCall OP : Thank you so much
Dons hobby SpyderCall OP : I thought Occidental was mainly an oil company I knew it dealt with Nat. gas but I didn't know that's what it mainly was
Thanks Spyder always good info especially for someone like me that misses things sometimes.
Dons hobby : I bought OXY at the very beginning of the oil price rise. I bought because I thought it was mainly an oil stock. Made decent money especially for not knowing what the hell I was doing lol.
SpyderCall OP Dons hobby : I took a closer look at natural gas and it looks like it is near a resistance. if you look at this chart of the 1-hour candles you can see how the prices having trouble getting above that resistance. that purple trend line on the top of the graph. if the trend follows you should expect price to stay below that and possibly get a rejection and come back down to support
SpyderCall OP Dons hobby : the only way I can see a breakout above that resistance level I was talking about is if there is some major news headline to push natural gas above it or if the market just completely rips in the US or in Europe it could possibly bring nat gas higher.
SpyderCall OP Dons hobby : heck yeah. you could have just about any commodity during that commodities rally. they all had a huge Spike up almost an unheard of Spike up only happened one other time in history to this magnitude
Dons hobby SpyderCall OP : I sold my UNG Friday so I did a good thing then. Always love to hear I did the right thing AT THE RIGHT TIME LOL
Dons hobby SpyderCall OP : I would sit and watch it every day go up every once in awhile not much but for a few weeks it was almost expected, till it wasn't lol
Dons hobby SpyderCall OP : Thanks Spyder I appreciate you my friend.
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